Final Review Questions Part One1.docx
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Final Review Questions Part One1.docx
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FinalReviewQuestionsPartOne1
BUSM3278StrategicManagement
ReviewQuestions
PartOne:
MultipleChoiceQuestions
__________
1.
Agroupofmanagersisconsideringhowtheirorganisationcancompetesuccessfullyinaparticularmarket.Whattypeofstrategyaretheydevising?
a.
Corporate
b.
Business
c.
Operational
d.
Strategic
__________
2.
Howdoanorganisation'sstrategicobjectivesrelatetoitsmission?
a.
Strategicobjectivesbreakthemissiondownintothosepartsthatrelatetospecificfunctionalareasofthebusiness.
b.
Strategicobjectivesprovideamorepreciseorquantifiablebasisfordevelopingstrategythanthegeneralmissionstatement.
c.
StrategicobjectivesarebasedonthemissionbuteachonerelatestoaspecificSBUoftheorganisation.
d.
Strategicobjectivesdonotusuallyrelatetothemissionbutarethebasisforanorganisation'sstrategicplan.
__________
3.
Inthepublicsector,organisationsmustmakedecisionsabouthowunitsshouldprovidebest-valueservices.Whatistheequivalenttothistypeofstrategyinacommercialorganisation?
a.
Corporate-levelstrategy
b.
Business-levelstrategy
c.
Strategic-businessstrategy
d.
Operational-levelstrategy
__________
4.
Whichofthefollowingisadefinitionofstrategicmanagement?
a.
Strategicmanagementisconcernedwiththeannualplanningprocessesbywhichanorganisationdeterminesitsannualtargetsandbudgetallocations.
b.
Strategicmanagementreferstothoseactivitiesandprocessesthroughwhichanorganisationdeterminesitsmissionand/orobjectivesandtheplans,policiesandactionstoachievethem.
c.
Strategicmanagementreferstoanapproachtobusinessplanningbasedontheobjectivesofthevariousstakeholdergroupsaffectedbytheorganisation'sactivities.
d.
Strategicmanagementreferstothoseaspectsofmanagementthataretheresponsibilityofanorganisation'smostseniormanagers.
__________
5.
Whichofthefollowingisanoutcomeoftheanalysisofthestrategiccapabilityofanorganisation?
a.
Anunderstandingofopportunitiesandthreats
b.
AnunderstandingofHRcapability
c.
Anunderstandingofcustomerneeds
d.
Anunderstandingofstrengthsandweaknesses
__________
6.
Whichofthefollowingwouldyounotexpecttoseeinanorganisationalmissionstatement?
a.
Astatementofwhytheorganisationexists
b.
Anindicationofthenatureoftheindustrytheorganisationisin
c.
Astatementofwhattheorganisationistryingtoachieve
d.
Aquantifiedfinancialtarget
__________
7.
Whyisitimportantthatobjectivesaremeasurable?
a.
Strategyisbestevaluatedusingquantitativedatasomeasurementsmustbetaken.
b.
Controllingstrategyimplementationandevaluatingtheoutcomesofastrategydependonbeingabletomeasureorganisationalperformanceagainsttargets.
c.
Rewardsystemsdependonmeetingtargetssoitisvitalthatmeasurementsaretakensothatperformance-relatedpayandbonusescanbecalculated.
d.
Allofthekeymeasuresofbusinessperformancearefinancialandsosettingfinancialtargetsisvital.
__________
8.
Whichoneofthefollowingisnotamajorconcernofstrategicmanagement?
a.
Missionandobjectives
b.
Theexternalenvironment
c.
Themarketingmix
d.
Organisationalresourcesandcompetencies
e.
Strategicoptions
__________
9.
Whichofthefollowingaffectsthebargainingpowerofcustomers?
a.
Thenumberofcustomersandthevolumeoftheirpurchases
b.
Thegrowthrateofthemarket
c.
Ratesoftechnologicalinnovation
d.
Supplierswitchingcostsforfirmsintheindustry
__________
10.
Whichofthefollowingareidentifiedasaresultofexternalanalysis?
a.
Strengthsandweaknesses
b.
Threatsandopportunities
c.
Competitiveadvantages
d.
Corecompetencies
__________
11.
Whichofthefollowingisnotaninsightderivedfromusingthefiveforcesmodel?
a.
Understandingofthelinkbetweencompetitiverivalryandthepotentialprofitabilityofcompetitorsintheindustry.
b.
Itexplainsandpredictstheindustrystructure.Industrystructurereferstothenumberofplayersinanindustryandtheconcentrationofsupply.
c.
Itclearlyidentifiestheopportunitiesandthreatsfromthebusiness'sindustryenvironment.
d.
Itprovidesunderstandingoftherelativecostpositionsofrivals,suppliersandcustomers.
__________
12.
Whatare'criticalsuccessfactors'?
a.
Theyaretheorganisationsmajorstrengths,derivingfromthewayitdeploysitsresources.
b.
Theyarethoseproductfeaturesthatareparticularlyvaluedbycustomersandwheretheorganisationmustexceltooutperformcompetition.
c.
Theyrepresentthesecretsofsuccessthatanorganisationtriestohidefromrivals.
d.
Theyarethecompetenciesthatenableanorganisationtooutperformothersinthesameenvironment.
__________
13.
AtwhatlevelshouldthePESTELframeworkbeappliedwhenanalysingagivenenvironment?
a.
Theindustrylevel
b.
Thefirmlevel
c.
Thesocietylevel
d.
Themarketlevel
__________
14.
Whichofthefollowingisnotanexampleofabarriertoentry?
a.
Capitalcosts
b.
Accesstodistribution
c.
Intellectualpropertyrights
d.
Lowswitchingcosts
e.
Highswitchingcosts
__________
15.
WhichofthefollowingisnotoneofthefiveforcesusedinPorter'smodeltoanalyseindustries?
a.
Bargainingpowerofcustomers
b.
Threatofnewentrants
c.
Threatfromsubstitutes
d.
Bargainingpowerofcomplementors
e.
Supplierbargainingpower
__________
16.
Whichapproachwouldyouuseifyouwantedtoidentifytheattractivenessofanindustryorsectorintermsofcompetitiveforces?
a.
PESTEL
b.
SWOT
c.
Porter'sdiamond
d.
Porter's5forces
__________
17.
Whatdoyouunderstandbythetermscriticalsuccessfactors?
a.
Thesearethekeythingsthatattractpraiseandpositivecommentsfromindustryanalysts.
b.
Thesearekeyelementsofanorganisation'sstrategythatmadeitsuccessful.
c.
Thesearethecriticalelementsofastrategythatmustbetightlycontrolledtoensuretheorganisationmakesaprofit.
d.
Thesearethekeythingstheorganisationmustbeabletodotomeetcustomerneedsandmatchcompetitorofferingsinagivenenvironment.
__________
18.
Whichofthefollowingisstudiedaspartofanorganisation'smacro-environmentalanalysis?
a.
Competitors
b.
Markettrends
c.
PESTELissues
d.
Internalsalesdata
e.
Industrystructure
__________
19.
Whyisitimportanttoundertakemacroenvironmentalanalysiswhenthemicro-environmenthasmoreimpactonday-to-dayoperations?
a.
BecauseunderstandingtrendsinPESTELfactorsenablesanorganisationtoanticipatechanges,threatsandopportunitiesarisingintheoperatingenvironment.
b.
Becausechangesinthemacroenvironmentarebarrierstothedailyoperationsoftheorganisation.ThatiswhytheyarecalledPESTELfactors.
c.
BecausemanagersoughttobeawareofthecurrentaffairsissuesrepresentedbyPESTELfactors.
d.
Becausethemacroandmicroanalysesaretwokeypartsoftheoverallanalysisandyouwouldhaveanincompleteanalysisotherwise.
__________
20.
Whichofthefollowingshouldyouconsiderinsegmentingthemarket?
a.
Customerneeds
b.
Supplierneeds
c.
Competitorneeds
d.
Organisationalcorecompetences
e.
Organisationalresources
__________
21.
Whichofthefollowingisnotacommoncriticismofthefiveforcesmodel?
a.
Themodelisessentiallydesignedtoevaluateprivatesectorcompetitiveenvironmentsandisnotreallyappropriateforthenot-for-profitsector.
b.
Themodeldoesn'tprovideaninsightintomacro-environmentalfactorsthatshapetheindustrycontext.
c.
Itismoreappropriateforanalysingmanufacturingratherthanservicesectors,wheresuppliersarelessofanissue.
d.
Themodelassumesbusinessenvironmentsarecharacterisedbycompetitiveratherthanco-operativerelationsbetweenfirmsandbetweenfirmsandtheirsuppliersandcustomers.
e.
Themodelisoftencriticisedforprovidingonlyasnapshotoftheindustryatapointintime,i.e.itistoostatic.
__________
22.
WhichofthefollowingdoesnotrelatetotheVRINcriteria?
a.
Whichvaluecreatingactivitiesareespeciallysignificantforanorganisationinmeetingcustomerneeds?
b.
Towhatextentandhowdoesanorganisationhavebasesofvaluecreationthatarerare?
c.
Whataspectsofvaluecreationaredifficultforotherstoimitate?
d.
Whataspectsofthevaluechainareorarenotvulnerabletosubstitution?
e.
Whataretherelativeimportanceofactivitycostsinternally?
__________
23.
Whichofthefollowingdefinestheconceptof'corecompetencies'?
a.
Corecompetenciesarethosecompetenciesrelatedtothecorebusinessoftheorganisationratherthanthoseperipheralareasithasdiversifiedinto.
b.
Corecompetenciesaretheactivitiesandprocessesthroughwhichresourcesaredeployedinsuchawayastoachievecompetitiveadvantageinwaysthatotherscannotimitateorobtain.
c.
Corecompetenciesarethestrategiccapabilitiesthatanorganisationmustpossesifitistosurviveinitschosenenvironment.
d.
Corecompetenciesarethosestrategiccapabilitiessharedbyallmajorplayersinagivenindustrysectoranddistinguishthemfromthoseorganisationsthatstruggleforsurvival.
__________
24.
Theprocessofa
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